The UK accounting regulator for the first time has barred a firm from auditing big companies, penalizing UHY Hacker Young LLP for flawed audits of a large retailer that collapsed in 2020.
The Financial Reporting Council said Wednesday that it had barred the firm from auditing public interest entities, or companies of strategic importance, until at least 2024. It severely reprimanded the firm and its audit engagement partner Martin Jones over the audits of Laura Ashley Holdings Plc in fiscal years 2018 and 2019. It fined the firm £217,500 ($259,400) and Jones £32,625.
“The breaches ...
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